Circuit City Files for Bankuptcy

November 10, 2008

Not unexpectedly, troubled electronics retailer Circuit City has filed for Chapter 11 bankruptcy protection, according to Bloomberg:

The Richmond-based company, founded in 1949... has lost more than $5 billion in stock-market value in two years. Circuit City plans to stay in business while it comes up with a plan to restructure...

Concerns among vendors that Circuit City wouldn't be able to pay for the merchandise it sells "escalated considerably'' in the past week, the company said in the filing.

Following last week's news that Circuit City would close more than 150 underperforming store, the chain will go forward with 566 locations in the United States.

Circuit City is the nation's second-largest electronics retailer and currently has between 5-10% of the video game market.

Posted in Recession Retailers Video Game Industry/Economics

Comments

Re: Circuit City Files for Bankuptcy

Submitted by diziizle on Mon, 03/23/2009 - 23:13.

isn't that why CompUSA went under anyway? film izle

Re: Circuit City Files for Bankuptcy

Submitted by Benjamin_Snow on Tue, 11/11/2008 - 11:16.

Dammit, and I was thinking about applying for a job at CC.

Oh well, I can hop on the train to go to Best Buy.

"We may be human, but we're still animals" -Steve Vai (World's greatest guitarist!)

Re: Circuit City Files for Bankuptcy

Submitted by finaleve on Tue, 11/11/2008 - 07:57.

I still see ads for it, but not so much on TV and more on one website (Snafu-comics.com)

weird to see it go though...

Re: Circuit City Files for Bankuptcy

Submitted by Weatherlight on Mon, 11/10/2008 - 19:06.

Ouch no love.

~Weatherlight~

Re: Circuit City Files for Bankuptcy

Submitted by Point of Heaven on Mon, 11/10/2008 - 16:42.

So, does that mean, by default, that the Source is bankrupt and will be closing as well?

Re: Circuit City Files for Bankuptcy

Submitted by Jimbo on Mon, 11/10/2008 - 14:31.

I'm so glad I have Fry's Electronics near me to satisfy all my high tech nerdery needs. As Zach said, avoid Circuit City like the plague unless you want a nice markup.

Re: Circuit City Files for Bankuptcy

Submitted by unholyblackdeath on Tue, 11/11/2008 - 10:52.

Yeah, Fry's is awsome. Great service and I can get a question or two answered if I'm not exactly sure what I need/want.

There are like 4 of them in my area (Dallas/Fort Worth)

Re: Circuit City Files for Bankuptcy

Submitted by Neeneko on Mon, 11/10/2008 - 13:20.

I wonder, when CC's history is looked at, how much divx played a part in their eventual collapse. It seems like they never truely recovered from that mess and have been slowly sliding downhill since.

Re: Circuit City Files for Bankuptcy

Submitted by Brokenscope on Mon, 11/10/2008 - 15:39.

I'm pretty sure fireing 90% of the competent retail staff was part of it too.

Re: Circuit City Files for Bankuptcy

Submitted by JC on Mon, 11/10/2008 - 13:34.

I'm pretty sure Best Buy also played a major role in hurting them for popularity. You can probably call it customer relations too. I may give them a try again, to take advantage of the low prices.

Re: Circuit City Files for Bankuptcy

Submitted by deuxhero on Mon, 11/10/2008 - 13:03.

Is it wrong that the first thing that went threw my head when I heard this on the radio was "Firesale!"

Re: Circuit City Files for Bankuptcy

Submitted by E. Zachary Knight on Mon, 11/10/2008 - 13:12.

Yeah, that would be nice, but they are using the same CompUSA liquidator for the 155 closing stores. That means that everything will be marked up 50% invisibly and then they will hold a 30% off sale.

E. Zachary Knight
Oklahoma City Chapter of the ECA
MySpace Page: http://www.myspace.com/okceca
Facebook Page: http://www.facebook.com/profile.php?id=1325674091

E. Zachary Knight
Divine Knight Gaming
Random Tower: Game News and Commentary

Re: Circuit City Files for Bankuptcy

Submitted by Adamas Draconis on Mon, 11/10/2008 - 15:53.

Isn't that why CompUSA went under anyway?

Hunting the shadows of the troubled dreams.

Re: Circuit City Files for Bankuptcy

Submitted by Jabrwock on Mon, 11/10/2008 - 12:47.

Not unexpected, but a buddy of mine won't be thrilled. He works for "The Source", which CC owns in Canada (used to be Radio Shack, but oddly enough, Radio Shack didn't own the Canadian outlets... Intertan did, and when it bought CC, it had to change the name because in the US it became Radio Shack's competitor...)

-- If your wiimote goes snicker-snack, check your wrist-strap...

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RedMage: Brutal Legend.02/10/2012 - 7:52pm

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james_fudge: I hope you some said something sassy! Where's the link?02/09/2012 - 7:46pm

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james_fudge: Thanks for the heads-up DorthLous02/09/2012 - 4:33pm

DorthLous: Will do, my apologies.02/09/2012 - 4:14pm

Andrew Eisen: I appreciate the heads up but please keep typo alerts to the specific article's comments or PMs.02/09/2012 - 3:33pm

DorthLous: The title says 30, but in the article, the developer says it's like a 20% net tax http://www.gamepolitics.com/2012/02/09/developers-call-facebook-currency-transaction-fee-thirty-percent-tax02/09/2012 - 2:43pm

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